Non-Fungible Tokens (NFTs) have once again taken a nosedive, marking the sixth consecutive week of declining sales. According to the latest data, NFT sales dropped by a significant 9.91% over the past week, casting a shadow on the vibrant and ever-evolving crypto market, Investors King gathered.

The figures, spanning from September 24 to October 1, 2023, reveal that the total value of NFT sales during this period amounted to approximately $72,767,450. While this might seem like a substantial amount, it represents a notable downturn compared to the previous week’s figures.

Despite the broader crypto economy experiencing an upswing during the same period, NFT sales seem to be struggling to regain their previous momentum. The aggregate NFT sales figure of $72.76 million is nearly 10% lower than the preceding week’s numbers, raising concerns among enthusiasts and investors in the digital collectibles market.

Interestingly, the number of NFT buyers has surged by 17.77% during the past week, reaching a total of 569,407 buyers. Similarly, the number of NFT sellers also saw a notable increase of 15.82%, totaling 714,889 sellers.

Among the various blockchain networks, Ethereum emerged as the clear frontrunner with $37.27 million in NFT sales, representing 51.22% of the week’s total NFT commerce. However, even Ethereum’s dominance couldn’t escape the overall downtrend, as it experienced a modest 1.16% dip in NFT sales compared to the prior week.

Following closely, the Mythos NFT sales secured the second position with an impressive $7.83 million in sales, marking a 13.12% increase from the previous week. Polygon and Solana also made their presence known, securing the third and fourth spots in NFT sales with $7.12 million and $5.86 million, respectively. Immutable X claimed the fifth spot, amassing $5.47 million in sales.

As the NFT market faces headwinds in the face of a broader crypto resurgence, analysts and enthusiasts are closely watching for signs of a potential rebound or a continued decline in the weeks to come.

Mixin Network, a prominent decentralized wallet service provider, has been rocked by a massive security breach resulting in a loss of $200 million.

The breach, attributed to vulnerabilities in its cloud service provider’s database, has raised questions about the platform’s dependence on centralized infrastructure.

Mixin Network, known for its support of 48 public blockchains and an impressive total network asset value exceeding $1 billion, halted deposit and withdrawal services following the breach.

This incident has prompted discussions within the crypto community regarding the risks associated with centralization in decentralized platforms.

In response to the breach, Mixin Network has taken swift action, enlisting the expertise of blockchain security specialists from SlowMist.

The company has pledged to resume services only after thoroughly addressing identified vulnerabilities, a decision reached through consensus among all network nodes.

The plan for asset recovery will be announced in due course, and Mixin founder Feng Xiaodong will provide a detailed explanation in a public livestream.

The Mixin incident follows closely on the heels of the JPEX cryptocurrency exchange scandal in Hong Kong, which has left countless individuals reeling from financial losses totaling $178 million.

Experts now speculate that these recent setbacks may lead the Hong Kong government to reconsider its enthusiastic promotion of Web3 technologies, as concerns over security and public sentiment cast a shadow on the region’s cryptocurrency ambitions.

Carlton Lai, head of blockchain and cryptocurrency research at Daiwa Capital Markets, said, “I think this scandal will have a pretty sizeable negative impact on retail sentiment, given its significant local presence and the various celebrities involved.”

As Hong Kong grapples with the fallout from these high-profile incidents, the future of cryptocurrency in the region remains uncertain, with questions of regulation and security taking center stage.